Nevada consumers with an incredible amount of debt must take measures to protect their assets. Asset protection laws offer provisions that help these consumers. An attorney provides Asset Protection Service Las Vegas NV.
What is the Primary Purpose for Asset Protection?
The primary purpose for asset protection is to prevent access by creditors. The consumer must take measures to transfer the assets into accounts that are protected by asset protection laws. Once the assets are transferred into these accounts, the creditors cannot take legal action to acquire the assets. This prevents them from securing the assets as a means of debt collection.
What Options are Available for this Purpose?
Trust funds and family organizations are the most common options available for consumers. With a trust fund, the money is transferred into an account that no longer belongs to the estate owner. It becomes the property of the identified beneficiary. There isn’t a limit on how much the estate owner may transfer into the trust.
A family-based organization is available for personal assets. The estate owner transfers key assets into the organization. This allows a transfer of title and removes the assets from their name. Once the asset ownership is transferred, creditors cannot file an action against these assets.
What is Fraudulent Transfer?
A Fraudulent transfer is the transfer of assets for the sole purpose of avoiding debt collection. These transfers occur after the creditor has filed a legal claim against the asset or property. Consumers who wish to protect their assets should complete these measures before a claim is filed. If a creditor files a claim of fraudulent transfer, the consumer could lose the assets in court. These actions apply to consumer creditors as well as trustees managing a bankruptcy case.
Nevada consumers must take action early to protect their assets. These actions are included in asset protection and estate planning. They help the estate owner transfer ownership of the assets and property. This prevents creditors from seizing their assets through a legal claim. Consumers who need Asset Protection Service Las Vegas NV should contact Grant Morris Dodds or visit the website for more information today.
